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level: Level 1

Questions and Answers List

level questions: Level 1

QuestionAnswer
All members in the American Institute of CPAs are in America.False- As noted under "About the AICPA," the AICPA has members in 144 countries.
The AICPA develops and grades the CPA exam.true
What percentage of AICPA members are women?35%
Is membership in the AICPA required to practice as a CPA?No-Licensing authority for CPAs is governed by each state's Board of Accountancy.
Are the state CPA societies local chapters of the AICPA?No
Which of the following requirements apply to AICPA regular members?Pass the CPA exam, Agree to abide by AICPA Bylaws and Code of Professional Conduct, Meet certain continuing education requirements,Have a CPA certificate
Does the AICPA Tax Team have a role in helping legislators?yes
The AICPA's Tax Team works to improve the tax system for CPAs and the public. What is the team's main emphasis in this effort?Tax simplification
The principles of the Code of Conduct express the profession's recognition of its responsibility to which group(s)?public, colleague, and client
Which of the following is NOT a principle AICPA members are required to observeefficiency
AICPA members are required to observe the following..public interest and due care
True or false?: The principle of objectivity is only relevant to attest engagements.False Normally, the principle of objectivity arises in the context of an attest engagement. It can arise in tax practice as well.
The principle of due care obligates members to which of the following?Maintain competence
Can a member of public practice prepare a client's tax return for a contingent fee?No-a member in public practice shall not, among other things, prepare an original or amended tax return or claim for a tax refund for a contingent fee for any client.
Under SSTS No. 1, is a member obligated to advise their clients regarding potential IRS penalties associated with recommended tax positions?Yes Under SSTS No. 1 ¶6, members should advise their clients of any potential penalties as well as any opportunities to avoid them by disclosing a given position on the return.
Under SSTS No. 1, does a member have the right to act as the client's advocate?Correct Answer Yes Under SSTS No. 1 ¶8, members have "both the right and the responsibility" to be advocates for their clients with regard to positions that satisfy the relevant SSTS standards.
Under SSTS No. 3, a member must verify information furnished by the taxpayer.False Under SSTS No. 3 ¶2, "In preparing or signing a return, a member may in good faith rely, without verification, on information furnished by the taxpayer or by third parties."
True or false? Under SSTS No. 4, members are prohibited from using estimates in the preparation of a tax return.False Under SSTS No. 4 ¶2, "Unless prohibited by statute or by rule, a member may use the taxpayer's estimates in the preparation of a tax return if it is not practical to obtain exact data and the member determines that the estimates are reasonable based on facts and circumstances known to the member."
True or false? Under SSTS No. 6, if a member becomes aware of an error in a client's tax return, the member is generally required to inform the IRS of the error.True Under SSTS No. 6 ¶4, members "are not allowed to inform the taxing authority without the taxpayer’s permission, except when required by law."
Under SSTS No. 6, whose responsibility is it to decide whether to correct any errors found in a previously filed tax return?The client's